“In addition, we benefited from a steady stream of dividends received from the listed companies we invested in.”

Income from real estate and infrastructure increased by 37%, while returns from loans and bonds climbed 4%.

The EPF said the marginal increase in income was primarily due to maturing investments reinvested at lower rates given the low interest rate regime.

Income from Malaysian government securities and equivalents increased by 4%, while money market instruments contributed almost MYR80m in the quarter under review.

Commenting on the outlook for the rest of the year, Shahril said: “Although we are optimistic the Malaysian economy will record better growth this year on expectations of export recovery supported by resilient domestic demand, we remain vigilant, particularly over the uncertainties surrounding the movements of capital as long-term interest rates adjust following recovery in key markets.”